COOEC(600583) 天风证券·2025-03-18 10:25Investment Rating - The report maintains a "Buy" rating for the company, with a target price reflecting a potential upside of over 20% within the next six months [7][18]. Core Insights - The company is expected to achieve a 33% year-on-year increase in net profit attributable to shareholders in 2024, driven by cost reduction and efficiency improvements [2][5]. - The government work report for 2025 has included "deep-sea technology" for the first time, indicating new opportunities in marine equipment construction [1][5]. Financial Performance - In 2024, the company's revenue is projected to be CNY 29.95 billion, a decrease of 2.59% year-on-year, while net profit is expected to reach CNY 2.16 billion, an increase of 33.38% [2][6]. - The net profit margin for 2024 is forecasted at 7.3%, up by 2 percentage points from the previous year [2]. - The company’s gross margin improved to 12.28% in 2024, an increase of 1.53 percentage points year-on-year, primarily due to enhanced site utilization and operational efficiency [2][3]. Order and Revenue Trends - New orders signed in 2024 are estimated at CNY 30.2 billion, a decline of 11% year-on-year, while the backlog of orders remains stable at approximately CNY 40 billion [3]. - Domestic projects have shown a continuous increase in gross margin, reaching 13% in 2024, up by 3.6 percentage points year-on-year [3]. Dividend Policy - The company plans to distribute approximately CNY 0.89 billion in cash dividends for 2024, representing 41.12% of the net profit attributable to shareholders, an increase from 40.11% in 2023 [4]. Profit Forecast and Valuation - The profit forecast for 2025 and 2026 has been adjusted to CNY 2.5 billion and CNY 2.9 billion, respectively, benefiting from the sustained growth in deep-sea technology [5][6]. - The current price corresponds to a price-to-earnings (P/E) ratio of 9.7 for 2025, 8.5 for 2026, and 7.7 for 2027, indicating attractive valuation levels [5][6].